International real estate company Hines said that its Hines Pan-European Core Fund (HECF) has acquired the Eurosquare 1 office building in St. Ouen, Paris, from Tishman Speyer for about EUR 120 mln. Located in the growing business district of St. Ouen, on the northern section of the Paris ring road, the building is fully leased to a Gaz de France subsidiary until 2013.
International real estate company Hines said that its Hines Pan-European Core Fund (HECF) has acquired the Eurosquare 1 office building in St. Ouen, Paris, from Tishman Speyer for about EUR 120 mln. Located in the growing business district of St. Ouen, on the northern section of the Paris ring road, the building is fully leased to a Gaz de France subsidiary until 2013.
Completed in 2003, Eurosquare 1 comprises 15,420 m2 of office space and the building consists of a ground floor, seven upper floors and five underground levels. It is located on Boulevard Victor Hugo, the main artery in St. Ouen, which is also home to large operations of companies such as L’Oréal, Danone, Nokia, Sony and BNP Paribas.
HECF is a euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP) managed by Hines, with the aim of acquiring a geographically diverse portfolio of core buildings with commercial uses across Europe. In France, Hines’ portfolio of owned and/or developed projects encompasses 440,000 m2, including EDF Tower and the Meudon campus.
